Paul Cohn is the Head of Assurance and Oil and Gas leader for Central Asia and Caucasus. He has worked in Kazakhstan since 2005 and has worked with EY for over 21 years, serving a range of mining and oil and gas clients. Paul also lectures on IFRS to companies in the resources sector.
He graduated from Queensland University of Technology, Australia with two degrees, Bachelor of Business and Bachelor of Law. He also has a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is an Associate of the Institute of Chartered Accountants in Australia.
In our latest interview, Paul shares insights on Kazakhstan’s business climate, the role of finance in development, and the value of advocacy through AmCham.
You had experience in Azerbaijan, Russia, Romania, and Kazakhstan. What brought you to this region?
I'm from Brisbane, Australia. At EY, I audited oil, gas, and mining companies. When this region was opening up as a major producer, I saw a vacancy and thought it might be interesting to try. I’ve always liked to travel. I initially got a role in Azerbaijan, and my career progressed from there.
What do you think is special about finance, accounting, and audit?
Being able to not just witness but also contribute to Kazakhstan’s development from a finance perspective. Having made huge progress over the last 20 years, today it’s relatively mature. Back in the day, when we were introducing IFRS (International Financial Reporting Standards) , there weren’t many people who understood it. Now, companies from large to small are much more capable. Internal controls have improved. There’s a stronger understanding of the value of a well-functioning finance department and accurate management reporting. Finance is not just external reporting, it is also about how you report and use numbers internally. This is one area where Kazakhstan has localized well. I’m one of the last expats in the field.
And we have the Big Four to thank for raising and developing local talent.
I can't think of another industry that has done more to transfer knowledge to local professionals than the Big Four in finance. We’ve done an exceptional job. In Kazakhstan (and globally) the Big Four provide a pipeline of trained finance professionals to the market. When our alumni move to other companies, they take their knowledge with them and help upskill the market. That’s part of our business model.
So, you came to the region with expertise in oil, gas, and mining, which remain a backbone of Kazakhstan’s economy. What sectors do you see with the most potential today?
I still think it’s commodities like oil, gas, and mining. Kazakhstan has a competitive advantage with large, untapped resources.
So, not other industries?
I think Kazakhstan is similar to Australia, where I’m from. We are global leaders in commodities and agriculture. That’s our strength. I don’t think it’s something to be ashamed of. You work with the advantages you have.
We also see potential in agriculture and are looking to expand AmCham’s membership in that sector.
I’m not an agricultural expert, so there may be challenges I don’t see. But on the surface, there are competitive advantages. I don't think Kazakhstan has reached it’s potential in agriculture. I think there's more Kazakhstan can do to achieve their potential in oil and gas and mining as well.
What are the advantages and barriers for Kazakhstan in attracting more foreign investment?
While Kazakhstan has made great progress, barriers remain. That’s why you don’t see the world’s largest mining companies here. The biggest issue is the lack of the rule of law, particularly consistency and transparency in how laws are applied by government authorities. The laws themselves are generally good, but over the last 20 years I’ve seen inconsistent enforcement. EY surveys have shown this time and again. Rule of law and consistency in application are the most important factors for foreign investors. If this improves, investment will follow.
What have you learned from your decade on the AmCham board?
I’ve seen real success through the Prime Minister’s Council on Improving the Investment Climate. AmCham plays a valuable role in connecting industries to bring their concerns to the Prime Minister and government. Our committees and working groups also give members space to discuss concerns amongst themselves and understand how others are managing these challenges. We also bring the business community together both socially and professionally at our various events.
What advice would you give to leaders or aspiring leaders who want to engage in advocacy?
Become an AmCham member and get involved! It is difficult for individual companies to work directly with the government. AmCham offers a way to meet peers, share insights, and speak with one voice. If you want to be heard, join a business association and be active in it!